Welcome to Thoughts in the Market.

I'm Andrew Sheetz, Chief Cross-Asset Strategist for Morgan Stanley.

And I'm Martin Ratz, Morgan Sunday's Global Oil Strategist and Head of the European Energy

Team.

And today on the podcast, we'll be talking about dynamics of oil usage and electric

car adoption in Norway.

It's Wednesday, September 1st, at 3pm in London.

Some Martin, you've recently written that there's been some good news on electric

vehicle adoption in Norway, hasn't there?

Yeah.

As of July, 64% of all new cars sold in Norway are now electric.

Now the reason why this is important is that if you look at, for example, the plan from

the international energy agency on how the world can limit carbon emissions such that we

stay within the warming degrees that were set up by the Paris Agreement, in that plan,

electric vehicle adoption plays a huge role in driving down the use of fossil fuels,

including oil.

In the IA's plan, the world needs to reach 60% of new car sales being in electric.

So in a way, Norway has done over the last decade, but the world now needs to achieve

over the next decade.

Interesting.

So, Norway is in some ways kind of a leading indicator, an early insight, into what type

of electric vehicle shifts might happen in the future to hit these climate goals.

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